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According to CoinDesk, PayPal is in the process of acquiring Curv, a technology company that enables the secure storage of cryptocurrency. CoinDesk suspicions are based on reports from three anonymous sources.
Israeli news outlet Calcalist brought the news that Curv is about to be sold for between $200 million and $300 million, however a buyer was not mentioned.
On Monday, an anonymous source informed Coindesk that the interested buyer would be PayPal and an amount or around $500 million is involved. Much higher than what Calcalist initially reported on. The anonymous source is said: “From where I hear it, I’m pretty sure it’s true.”
A second chance?
In 2020, PayPal tried to buy trading company BitGo for $750 million. The deal fell through, and meanwhile US users can trade cryptocurrency through PayPal. It seems though that the payment processor is focusing its pillars on a Curv, anonymous sources told CoinDesk. Neither PayPal or Curv have yet responded to the rumors.
“PayPal has made some great acquisitions in the past such as Vemno, and now they want to own something in crypto,” one of the sources told CoinDesk.
While PayPal thru their partnership with New York-regulated Paxos, is currently serving millions of customers in the United States, it is not yet active on the other side of the Pacific. Paypal recently announcede that the service of cryptocurrency purchases is soon the be rolled out in the United Kingdom. As for Europe and the rest of the world, a timeline is not available.
Curv
Curv’s core business is aimed at simplifying cryptocurrency storage and by their unique approach approach they have created a new standard for institutional digital asset security. Or as they describe it on their website:
“We saw the promise of blockchain, but knew if that promise was to be realized, we had to eliminate the single point of failure introduced by private keys. Our unique expertise in cryptography and cloud security allowed us to create a secure, distributed architecture for signing transactions. This allows any institution or enterprise to quickly and easily hold and exchange digital assets on public or private blockchains without managing private keys on outdated physical infrastructures.”